1Q 2022 INVESTOR PRESENTATION
Economic Outlook
مصرف الإنماء
alinma bank
Improving economic outlook supportive for the banking sector, despite the rise of political tensions and Covid risks remaining
Real GDP Growth (%)
10.0%
5.0%
0.0%
-4.1%
-5.0%
2020
Composite* Oil Price Avg / Barrel (USD)
140.0
3.2%
2021
3M Average SAIBOR (%)
2.0%
106.8
100.0
69.1
0.8%
0.9%
1.0%
60.0
41.3
20.0
0.0%
2020
2021
2022E
2020
2021
Inflation (%)
7.6%
2022E
Government Expenditures % of GDP (%)
1.6%
2022E
26.0%
Further rebound in real GDP growth
The KSA economy is expected grow by 7.6% in 2022; this
projection is however heavily reliant on the positive oil
price outlook and the ability of the country to ramp up its
expansion plans despite further outbreaks and rising
political tensions.
Vision 2030 expansion plans back on track
Alongside an economic recovery, Vision 2030 plans are
expected to accelerate.
Stabilization of oil prices
Following a year of strong recovery of oil prices, the
average price for the composite index is expected to
grow to $106.8 / barrel due to the political tensions in
1Q 2022 that will support economic growth.
Rise in SAIBOR rates
3M average SAIBOR rates are expected to see a rise to
1.6% in 2022 from 0.9% average in 2021.
Declining inflation and government expenditures
Inflation is expected to decline to 2.5% in 2022 from the
3.1% level in 2021; government expenditures are
expected to remain above 25% of GDP in 2022.
4.0%
3.4%
3.1%
60.0%
2.5%
41.0%
33.2%
40.0%
2.0%
20.0%
0.0%
0.0%
2020
2021
2022E
2020
2021
2022E
1Q 2022 INVESTOR PRESENTATION
SOURCE: IMF April 2022 | *Simple average of three spot prices: Dated Brent, West Texas Intermediate, and
Dubai Fateh
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